Procedure guide · Living in Panama
Declaring Cash When Entering or Leaving Panama
When you must declare cash and other monetary instruments at Panama's border, how to fill in the traveler's sworn declaration and what happens if you don't.
- From
- USD 10,000
- Authority
- National Customs Authority
- Cost
- Free form
- Updated
On this page
In short
If you enter or leave Panama with cash, securities or negotiable instruments worth USD 10,000 or more, in dollars or other currencies, you must declare it to the National Customs Authority on the traveler's sworn declaration. Declaring is not paying a tax: it is reporting. What is penalized is failing to declare.
What do you have to declare?
- Cash you carry on you or in your luggage, in any currency, when it adds up to USD 10,000 or more.
- Securities and negotiable instruments, such as traveler's checks, checks or promissory notes.
- Goods you bring that are not for personal use.
Required documents
Traveler's sworn declaration
National Customs Authority form, in Spanish and English
Passport
Proof of the source of the money
Recommended: bank statement, sale contract, withdrawal receipt
Step by step
01
Fill in the declaration
On paper, at the border, port or airport, or online up to three days before your trip in Customs' digital declaration system.
02
Declare the exact amount
Add up all the cash and instruments you are carrying, including those of your companions if you are carrying them together.
03
Submit it at the checkpoint
Hand it to Customs when entering or leaving the country and carry proof of the source of the money.
Costs
- Declaration form
- Free
Frequently asked questions
Do I have to pay anything to bring money into Panama?
No. The declaration reports the money you are bringing; it is not a tax. What may be taxed, depending on the case, is the income you earn in Panama (see territorial taxation).
Can I bring my savings in cash to open an account?
You can, by declaring them. But Panamanian banks ask you to document the source of funds and usually prefer transfers from your bank (see opening a bank account).
Does money in other currencies count?
Yes: the threshold is calculated by adding up all cash and instruments, in dollars or any other currency (see Panama's currency).
What about my household goods when I move?
Moving your belongings has its own customs procedure, with an exemption for pensionados (see importing household goods).